The years of living in a rented flat make one that much eager to buy a home wherein the concerned gentleman can chill out with his family members. After all, you deal with endless hassles at a rental accommodation. It’s not certain whether the landlord will let you stay after the 11-month rent agreement is over. Plus, constant shifting can be physically and mentally draining as the new base may be far away from your office. Even your kids may find it hard to commute to their schools due to the change in location.
Keeping all that in mind, you have to mull a home loan to buy a property that can free you from all those obstacles. When it comes to a loan, State Bank of India (SBI) is among the most trustworthy and visible lenders with more than 25,000 branches across the country.
However, a home loan comes with years of interest repayment and therefore, you must get a sight of the same before transacting the deal with SBI. You can get a sight of it by checking the function of SBI Home Loan Calculator in this article.
EMI Calculator for Home Loan
Knowing the installments beforehand is always handy in the case of a home loan whose repayment can run for as long as 30 years. SBI can offer you a loan for a maximum period of 30 years. You are free to decide the tenure of your home loan. You need to service the debt by paying the EMI for the tenure you choose.
However, to calculate the EMI, which stands for Equated Monthly Installment, you need three elements – loan amount, interest rate and tenure. Just enter these variables in the EMI calculator, which is available online for use, to see the indicative installments. As you would know that an EMI constitutes a portion of both principal and interest to be repaid each month to the lender, the calculator will also show the total interest you would end up paying over the course of a loan.
SBI Home Loan Interest
SBI offers home loans at attractive interest rates to woo the customers. Its interest rates vary according to the loan amount, gender and the profession of an individual. The rates range from 8.35%-8.80% per annum on a broader level. Salaried women borrowers can get an interest rate of 8.35% on a loan of up to ₹30 lakhs In comparison, the salaried male would be offered a slightly higher rate of 8.40%.
Even non-salaried borrowers can also get home loans from SBI, with women and male applicants likely to receive at 8.45% and 8.50%, respectively. If the loan amount stretches from ₹30 lakhs to ₹75 lakhs, the interest rate for women borrowers (salaried) is likely to be 8.50%-8.55% p.a. Male borrowers in the salaried category, though, must be ready to pay at a slightly higher 8.55%-8.60% interest rate.
Non-salaried borrowers are likely to service their loans at 8.65%-8.70% (female) and 8.70%-8.75% (male). Loans above ₹75 lakhs, on the other hand, come at 8.60%-8.65% (female borrowers) and 8.65%-8.70% (male borrowers) in the salaried category. Non-salaried borrowers would get loans above ₹75 lakhs at 8.70%-8.75% (women) and 8.75%-8.80% (men).
What is Your SBI Home Loan EMI?
After having a glance at the interest rates, you would begin to calculate the installments, right? You should, I would say. After all, it’s a sign of being aware of what’s happening around. So if you have chosen a property for which you need a loan of ₹50 lakhs, the home loan interest rates would most likely be 8.50%-8.60% per annum.
In that case, the EMI is likely to be ₹43,391-43,708. On the other hand, the interest repayment would amount to ₹54,13,879-54,89,953 over a period of 20 years. The calculation is made assuming you being a salaried borrower.
Doesn’t matter how busy you are, do keep an eye on the calculator to know what’s gonna leave your pocket. This will help you plan your finances accordingly for a smooth repayment of a loan.